EIA lowers 2026 oil and condensate production forecast for Azerbaijan

The US Energy Information Administration (EIA) has revised downward its forecast for oil and condensate production in Azerbaijan in 2026 by 60,000 barrels per day (bpd).

Report, citing EIA data, that the June forecast now expects Azerbaijan's liquid hydrocarbon production in 2026 to average 0.54 million bpd, down from 0.60 million bpd in the May forecast.

Quarterly breakdowns of the 2026 forecast are as follows:

Q1: 0.55 million bpd (previously 0.62 million bpd)

Q2: 0.54 million bpd (previously 0.61 million bpd)

Q3: 0.53 million bpd (previously 0.60 million bpd)

Q4: 0.53 million bpd (previously 0.59 million bpd)

For comparison, in 2024, Azerbaijan’s production averaged 0.60 million bpd, with quarterly figures of:

Q1: 0.60 million bpd

Q2 & Q3: 0.59 million bpd

Q4: 0.60 million bpd

The forecast suggests a continued downward trend in Azerbaijan’s oil and condensate output.